Addressing Procurement Friction and Bottlenecks
Mutual Marketplace has had multiple successes in eliminating friction and bottlenecks in numerous organisations. Working with mutuals across Australia, we’ve seen that procurement problems across organisations are borne out of manual processes.
The same goes with organisations in other parts of the globe. A 2017 global P2P study revealed that businesses waste 125 hours per week due to manual processes. The most common causes of P2P friction identified around the world are:
- High volume of paper invoices received
- Excessive amounts of non-purchase order based invoice
- High quantity of supplier inquiries on invoice or payment status
- Absence of automated exceptions
- Slow manual approvals
Apart from these five, some of the most common problems experienced by partners with manual and semi-automated processes are:
- Inconsistency and errors in data entry
- Lack of security (since data is physically accessible)
- Slow, inconsistent and error-prone report generation
- Dependency on trustworthy and diligent individuals
On the other end of the spectrum, partners who tried automating their procurement process faced challenges in finding the right system for their organisation, training their staff in using the technology and affording upgrades and continuous use of technologies such as SaaS and ERPs – all contributing to a lower ROI.
Our vast experience with the cooperative financial sector, alongside our skills and resources, has equipped us to assist partners in resolving different challenges. We take time to understand your business’s current state and needs and create strategies to deliver great results. With our investment in technology-driven solutions, our partners experience the following benefits:
Freedom from paper-based documents and associated risks
Automating the P2P process eliminates error-prone and time-consuming tasks. As every transaction is automatically recorded, there is no risk of input errors or manipulation of figures. The odds of losing invoices or any other document and the repercussions that come with the loss are eliminated as well. Plus, there is no longer a need for organisations to archive volumes of paper documents, saving valuable office space.
Better transparency and visibility
Our P2P technologies integrate data across all departments. This allows us to view the status of every purchase and spot potential issues and address them immediately. Our systems enforce organisational policies, ensuring compliance throughout the organisation. No ad hoc purchases are done nor non-contracted spend. With a much-organised database, drilling down is made easier.
Improved analysis and projections
Eliminating the disparate P2P systems, our tools make data collection and cleansing easy. You collect more precise data allowing for better analysis of your organisation’s spend and purchasing activities. You can also detect resources that are no longer used or are underused. These capabilities allow us to create stronger projections and strategy roadmaps to improve procurement processes.
Freeing a portion of your working capital and a huge amount of your finance department’s time, there are more opportunities to grow. Your finance department can concentrate on more important tasks and create business plans to eliminate costs and further enhance the department.
Controlled 24/7 operations across different locations
Our procurement technologies transform P2P from an 8-to-5 operation bound to its time zone to a 24/7 function that transcends time and space. With an integrated system, managing tasks of a decentralised team across different locations is simplified while ensuring that your headquarters retains full control over the procurement process.
Choose Digitalisation, Automation and Complete Optimisation
At Mutual Marketplace, we don’t only digitise your operations. We fully automate it to deliver complete optimisation. Contact us today and we’ll discuss how we can streamline your procurement process to turn it into a more competitive strategic function.